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First Trust MLP and Energy Income Fund (FEI)
Investment Objective/Strategy - First Trust MLP and Energy Income Fund (the "Fund") in a non-diversified, closed-end management investment company. The Fund's investment objective is to seek a high level of total return with an emphasis on current distributions paid to common shareholders. Under normal market conditions, the Fund invests at least 85% of its managed assets in equity and debt securities of publicly traded MLPs, MLP-related entities and other energy sector and energy utility companies that the Fund's Sub-Advisor believes offer opportunities for growth and income.
There can be no assurance that the Fund's investment objectives will be achieved. The Fund may not be appropriate for all investors.
Fund Overview
TickerFEI
Fund TypeEnergy
Fund AdvisorFirst Trust Advisors L.P.
Portfolio Manager/Sub-AdvisorEnergy Income Partners, LLC
Investor Servicing AgentBNY Mellon Investment Servicing (US) Inc.
CUSIP33739B104
Fiscal Year-End10/31
ExchangeNYSE
Inception11/27/2012
Inception Price$20.00
Inception NAV$19.10
Current Fund Data (as of 10/28/2020)
Closing NAV1$6.18
Closing Market Price2$4.99
Discount to Net Asset Value (NAV)19.26%
Total Managed Assets$359,884,771
Common Shares Outstanding46,542,158
Dividend FrequencyMonthly
Dividend Per Share Amt3$0.0500
Distribution Rate412.02%
Daily Volume341,541
Average 30-Day Daily Volume323,693
Closing Market Price 52-Week High/Low$12.14 / $2.92
Closing NAV 52-Week High/Low$12.25 / $4.03
Expense Ratios (as of 4/30/2020)
Annual ExpensesPercent of
Net Assets
Percent of
Managed
Assets
Management Fees1.35%1.00%
Other Expenses
0.16%
0.12%
Total Operating Expenses1.51%1.12%
 
Leverage Costs0.90%0.67%
Current Inc Tax Expenses1.35%1.00%
Deferred Inc Tax Expenses-6.92%-5.13%
 
Total Annual Expenses-3.16%-2.34%
 
Leverage costs include interest, fees and any upfront/offering costs associated with borrowings by the Fund.
Top 10 Holdings (as of 9/30/2020)6
Holding Percent
TC Energy Corp. 8.74%
Enterprise Products Partners, L.P. 8.65%
Magellan Midstream Partners, L.P. 8.44%
TC Pipelines, L.P. 7.66%
Public Service Enterprise Group, Inc. 5.74%
Sempra Energy 5.18%
Williams (The) Cos., Inc. 5.07%
Kinder Morgan, Inc. 4.83%
Exelon Corp. 3.02%
PPL Corp. 2.72%
Market Price and NAV History (Since Inception)
Past performance is not indicative of future results.
Leverage Information (as of 10/28/2020)5
Total Net Assets with Leverage$359,884,771
Amount Attributable to Common Shares$287,584,771
Amount Attributable to Preferred Shares$0
Amount Attributable to Other Borrowings$72,300,000
Leverage (% of Total Adjusted Net Assets)20.09%
Industry Breakdown (as of 9/30/2020)6
  Industry Percent
Natural Gas Transmission 35.58%
Electric Power & Transmission 30.73%
Petroleum Product Transmission 21.41%
Crude Oil Transmission 8.55%
Other 3.02%
Propane 0.71%
Performance (as of 9/30/2020)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception7
Fund Performance *
Net Asset Value (NAV) -8.01% -43.79% -43.70% -16.70% -8.72% N/A -5.35%
Market Price -14.95% -56.99% -54.04% -24.76% -13.08% N/A -9.15%

*Total return is the combination of reinvested dividend, capital gain, and return of capital distributions, if any, at prices obtained by the Dividend Reinvestment Plan, and changes in the NAV and Market Price. The NAV total return takes into account the fund's total annual expenses and does not reflect sales load. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Past performance is not indicative of future results.

Footnotes
1 The fund's NAV is calculated by dividing the value of all the fund's assets, less all liabilities, by the total number of common shares outstanding.
2 Fund shares are purchased and sold on an exchange at their market price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
4 Distribution rates are calculated by annualizing the most recent distribution paid or declared through today's date and then dividing by the most recent market price. The distribution consists of the sum of net investment income, net realized short-term capital gains, net realized long-term capital gains, and return of capital. Distribution rates may vary. Any distribution adjustment will not be reflected until after the declaration date for the next distribution. See the fund's 19a-1 Notices, if any, located under the "News & Literature" section of the website for estimates of distribution sources. Final determination of the source and tax status of all distributions paid in the current year will be made after year-end.
5 Leverage is a technique where a closed-end fund's manager borrows assets at one rate and invests the proceeds from the borrowed assets at another rate, seeking to increase yield and total return. Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.
6 Market value information used in calculating the percentages is based upon trade date plus one recording of transactions, which can differ from regulatory financial reports (Forms N-CSR and N-PORT Part F) that are based on trade date recording of security transactions. Holdings are subject to change.
7 Inception Date is 11/27/2012

Risk Considerations

The fund is subject to risks, including the fact that it is a non-diversified closed-end management investment company. Investment return and market value of an investment in the fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

Because the fund is concentrated in securities issued by MLPs, MLP-related entities, and other energy and utilities companies, it will be more susceptible to adverse economic or regulatory occurrences affecting those industries, including high interest costs, high leverage costs, the effects of economic slowdown, surplus capacity, increased competition, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors.

The fund invests in securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Because the fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

The risks of investing in the fund are spelled out in the prospectus, shareholder report and other regulatory filings.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
First Trust Portfolios L.P.  Member SIPC and FINRA. (Form CRS)   •  First Trust Advisors L.P. (Form CRS)
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